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As you can see on the picture above, most of us put 37% of our income on food, which is the largest portion of the pie, and put 6% only in the bank for savings.

Fitz Villafuerte, author of Ready to be Rich blog, recommended savings rate is 30%, which means we should save that much of our monthly income. And if we find that too difficult, he continues, we can always start with 6% and then slowly increase it each month.